Monday, 30 May 2016

Nifty & Bank Nifty Spot Outlook for 31st May

NIFTY

Nifty spot opened at 8166.50 , made a high for the day at 8200 , went down till 8150.80 before closing at 8178.50 . Had mentioned that long positions can be taken above 8189 and short positions can be taken below 8124 for the day .Today Nifty triggered our long trade after opening but did not complete any targets and triggered our stoploss but did not trigger a short trade after that and traded in a range of 8150 to 8180 the entire day .

For this week Nifty spot has resistance at 8243 and above that near 8295 - 8334 levels and has support near 8070 and below that near 8017 - 7979 levels .

For today if Nifty spot sustains above 8199 - 8211 we can see a initial move upto 8231 - 8246 & on sustaining above 8255 we may see further upmove till 8317. Similarly if Nifty spot sustains below 8158 - 8146 we may see a initial move on the downside upto 8126 - 8111 & on sustaining below 8102 we may see a further downmove till 8040 .

Nifty Spot Levels for the day are

Long above 8211 for 8231 - 8255 - 8317 , SL 8189

Short below 8146 for 8126 - 8102 - 8040 , SL 8168

BANK NIFTY

Bank Nifty spot opened at 17580.85 made a high at 17666.05, went down till 17484.80 before closing at 17520.65. We had mentioned long positions can be taken above 17598 and short positions can be taken below 17426 for the day. Bank Nifty triggered our long trade and completed 1 targets giving around 50 points them our TSL but did not trigger our short trade today.

For this weeknow Bank Nifty spot has resistance at 17740 and above that near 17881- 17981 levels and has support at 17284 and below that near 17143 - 17042 levels

For today if Bank Nifty spot sustains above 17574 - 17607 we can see a initial move upto 17661 - 17699 & on sustaining above 17722 we may see further upmove till 17887. Similarly if Bank Nifty sustains below 17467 - 17434 we may see a initial move on the downside upto 17381 - 17343 & on sustaining below 17320 we may see further downmove till 17154

Bank Nifty Spot Levels for the day are

Long above 17607 for 17661 – 17722 – 17887 , SL 17547

Short below 17434 for 17381 – 17320 – 17154 , SL 17494

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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss